Landlords, retailers recovering from Sandy…but it depends on where

November, 2012
Larisa Ortiz, Principal
258 comments

The impacts of the hurricane are mixed for many local commercial districts. For local merchants in communities less affected by the storm, many reported higher sales this week on the days they were open, particularly as a number of national chains kept their doors shut during the hurricane. However, the impacts of the hurricane are still being severely felt along commercial corridors throughout the City. In Staten Island and in other places where electricity has not yet returned, corridor managers are concerned about looting. For those businesses that are open, sales have been extremely brisk – particularly for retailers selling post-hurricane related goods such as home goods and groceries. General merchandise stores will also continue to see sales increases. Overall, the industry anticipates significant impact from the storm. Citigroup, Inc has predicted that the “hurricane may cut retail sales by up to 3 percent nationally, with traffic falling 40 percent in the storm affected regions during the first week of November, which traditionally accounts for 22 percent of the month’s sales.” [Storm Latest: Landlords, retailers recovering, Shopping Centers Today News]. Some shopping destinations are turning need into opportunity. In New Jersey, Garden State Plaza is setting up tents to hand out water and dry ice to residents without power. And with transportation options still limited in so many New York neighborhoods, local commercial corridors that still have power are poised to benefit from the captive demand.